Consumption Tax and Income Tax
Difference between Consumption Tax and Income Tax
November 10, 2017
Preparing cash forecast
Preparing cash forecast
December 4, 2017
How to make bank rules in Quickbooks

Bank Rules in Quickbooks

Do you know how to make bank rules in Quickbooks?

If “No” then this blog post is definitely for you. We at Meru Accounting have team of Quickbooks experts who will guide you to write bank rules in Qucikbooks.

What is a Bank Rule?

  • Automate categorization in the bank field which consists of transaction type, payee, category, class and location
  • Used to automatically split transactions
  • These rules can be further customized in the sense that the user can prioritize, copy, edit, export and import.

bank rules quickbooks

Functions of bank rules in QuickBooks

1.Automated addition of transactions to the register
2.Splitting of transaction

Steps to apply a bank rule on transactions in QuickBooks online accounting software:

add bank rules quickbooks
In the left hand side navigation bar, choose the ‘Banking’ option under ‘Transactions’. In the ‘Bank Rules’ tab, create a new rule by adding the required field details and click on the ‘Save button’ to apply the desired rules on the selected transactions.

However, in order to prevent any undesirable action to take place due to application of bank rule, certain precautionary steps is needed as:

1. Each rule should have a payee name
2. Ensure assignment of exact conditions and settings information for the applied rule
3. Once the rules are applied to the required transactions, check accounting entries for correction

On reassuring that proper bank rules have been created for the banking transactions, the accounting online user will experience the easiness that these rules bring to the forefront like:

1. It scans downloaded bank and credit card details in order to bifurcate transactions based on the payee and other subcategories.
2. It also provides for an automated split in a transaction based on percentage or amount.

In this way, Bank Rules in QuickBooks is used in automating banking in online mode. It helps in improved automation in the way an accounting user can control accounting entries and, thereby acts as a time saver.

How to make bank rules in Quickbooks Infographics

Comments are closed.